The term prepaid essentially refers to any service or utility that customers must purchase prior to use or consumption.  This week, Plum will be exploring the many opportunities available in the prepaid market and the many advantages for both businesses and consumers inherent in using prepaid goods.

The prepaid industry can include anything from credit cards to gift certificates to phones and toll access.  Prepaid purchases can be made in cash and are accessible to a huge demographic of people, from teenagers who are learning about credit and finances to individuals who need to a cheaper, secondary phone for exercising, traveling, or even going out.

Users can get prepaid mobile phones, prepaid telephone calls, and even prepaid telephone cards to enhance their communications.  Prepaid telephone calls allow users to regulate exactly how many minutes they are using.  Cell phone companies, both stateside and abroad have realized this potential and expanded many of their offerings into the prepaid market.

Customers often purchase prepaid telephone cards at a reduced per minute rate, giving them incentive to use phone cards to make calls instead of relying simply on traditional phone lines. Prepaid telephone calls can ensure that users can get in touch with their loved ones at any time in virtually any location by purchasing prepaid phone calls.  Users simply dial the phone companies number, provide their account number, and then get connected through a prepaid call.

Gift cards are another vital component of the prepaid market.  Not sure what to get that hard to shop for dad, sister, or boyfriend?  A gift card is often times just the ticket, as you still showed thoughtfulness in purchasing a gift from one of their favorite stores, but they are still free to select their own present.

This week, we will explore the many prepaid options and how interactive voice response can integrate with each of these options to enhance prepaid systems and contribute to the evolution of the market.